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to the financial crisis. but is squeezing $13 billion out of jpmorgan the right way to prevent the next disaster. and patients tracking their own medical data. i'm ali velshi, this is "real money." ♪ >>> this is "real money." you are the most important part of the show so join our conversation for the next half hour by using the hashtag ajrealmoney. $13 billion is how much jpmorgan could payout for misleading investors. it would settle a slew of state and federal investigations in to whether the bank misrepresented the value of the loans it packaged. while a final deal with the justice department has now been announced, here is what we can glean from reports that on have been leaked. $4 billion would go to the agency that regulates fannie mae and freddy mac, the mortgage giants that lost billions. another $4 billion would go for consumer relief. that may include lowering the amount that effected home owners owe on their mortgages. and another $5 billion in penalties for misleading investors. and none of this would save jpmorgan or current or former employees immunity from criminal prosecution
banks like bear stearns, this happened before they were purchased, purchased by jpmorgan and it was, done at the behest, they did a favor for federal government here. one other thing, let's not forget. a lot of this was due to these toxic mortgages. guess who was enticing these banks to buy these toxic mortgages and make these loans in the first place? it was fannie mae and freddie mac. they should be on trial here. >> make a couple good points we should drill down on. for example, who is getting money this is question we've been asking. 7 billion is going into treasury. maybe 4 billion is going into housing programs of different types. susan, what do you think, who is getting money? where does it go. >> 4 billion is going to consumer relief, talking about mortgage prince pill reductions. every penny goes into the general treasury fund. the money can not be used by anybody unless appropriated by congress. this is not some conspiracy all the sudden the justice department is getting more money
a way. the closing bell in 53 minutes. we talk of wall street today right now this minutes jpmorgan ceo jamie dimon tended to $13 billion settlement with the department of justice. what does this really mean for jamie dimon himself? this deal that has been struck. charlie gasparino has exclusive new details. and stars like justin timberlake and carmelo anthony are in the spotlight at one of the world's biggest software companies. how is that possible? a brand-new marriage between superstars and software. he is bringing along a secret ceo. you don't want to miss this. minutes away. it's a growing trend in business: do more with less with ss energy.hp is help. soon, the world's most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind. help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. i can tell yo
in retaliation are home. >> women are now to be released. >> record fine for jpmorgan in relation to the global financial crisis >> damaged and dying - children afflicted by lead poisoning in a rush for gold. >> arse nists are braving the bullets and bombs - take to the stage for a rare live concert in kabul. . >>> hello. the final hot stage in a complex deal seeing the release of lebanese host ims and two turkish pilots is anticipated to take place in the next few hours. dozens of women prisoners are expected to be released shortly. the first to be released were nine shia muslims from leb nom, captured in shirria by sunni rebels, suspected of being hezbollah fighters. they denied that. >> two turkish pilots were abducted in beirut in retaliation of the lebanese men. they were the nest to be released. they were held because turkey backs the syrian rebels. >> the third elements is set to take place, more than 100 women held bit sirrian government. a concession to the rebels. >> omar al saleh is in southern turby. more than 100 female prisoners expected to be released. what do we know about the t
, and do the insurers have more at risk that once thought? >>> record penalty. jpmorgan reaches a tentative $13 billion deal to settle allegations related to the financial crisis. but what about criminal charges? and will the government go after other banks next? >>> deep in the heart of texas. a small town is quickly becoming one of the largest oil and gas-producing areas in the world. but could the energy boom end in a bust? all that and more tonight on "nightly business report" for monday, october 21st. >>> good evening, everyone. president obama saying today it's going to get fixed. he spoke out for the first time about the botched rollout of his administration's online health insurance exchanges that started three weeks ago. surrounding himself at the who us with people who have successfully signed up for the new health care plans, the president vowed to get the glitches repaired. it's a big fixer-upper. thousands of americans are still unable to sign up for a new insurance plan because of lost information, long waits and error messages. so can the problems be fixed? and will enough am
their prison terms. the men were arrested without apparent incident >> the u.s. bank jpmorgan chase is to pay a word $13 billion fine to settle investigations into bad mortgage loans. that is according to a source close to the negotiations with the u.s. justice department. the sale of over valued mortgage securities was a major cause of the 2008 financial crisis. we'll talk to elise cooper, financial analyst in london joining us from there. this is to settle a claim about overvalued mortgage. this is the civil side of things and there's a criminal investigation, i think, going on. >> well, first of all, we don't have the full details of the settlement. it's news source, the "new york times," "the wall street journal," "bloom berg", it looks like it's a $13 billion settle: $9 bill on of that is fine, and $4 billion will be for helping home owners who got into difficulties. the $13 billion is $2 billion bigger than a couple of weeks ago. the two key things on the settlement - again that we don't know because we don't have the details - they are will jpmorgan admit wrong doing and the second thi
if given a chance. and then, the government's $13 billion fine for jpmorgan a shutdown? and oh, by the way, is jamie dimon being punished for his outspoken anti-regulatory reviews in his general criticism of obamanomics? all those stories and much more coming up on "the kudlow report," beginning right now. >>> good evening. i'm larry kudlow. this is "the kudlow report." we're live here. it's 7:00 p.m. eastern and 4:00 p.m. pacific. earlier today, what should have been a mea culpa sometimes sounded more like a pep rally as president obama acknowledged the catastrophic roll-out of obama care. take a listen. >> the product of the affordable care act for people without health insurance is quality health insurance that is affordable. and that product is working. it's really good. and it turns out there is a massive demand for it. so far the national website, has been visited nearly 20 million times. 20 million times. >> all right. the president's glossy sales pitch, however, failed to acknowledge dismally low number of enrollees to date, reports of sky-high insurance premiums and
, the good news, jpmorgan reaching a tentative $13 billion deal with the justice department and other government agencies. this will settle investigations into bad mortgage loans that the bank sold to investors before the financial crisis. part of that came from companies that it acquired. the deal will not release the bank from criminal liability. we will have more from kate kelly in a moment. >>> also the fte is saying that they're looking to fine bank of america for its role. the fha is pursuing claims on behalf of financing agencies, fannie mae and freddie mac. >>> as for earnings central, mcdonald's results will be in the spotlight. 8:00 we'll expect those numbers. >>> it will be a busy week on the economic front. a number of key numbers. the september jobs report. that's right, on tuesday we get that jobs report we were supposed to get a couple of weeks ago on a friday. >>> also, we'll get last month's consumer price index and then september cpi on wednesday. >>> our economic newsmaker of the morning on "squawk box", charlie evans will be joining steve leaseman in a cnbc exclusi
. >> record settlement in the works. 13 billion-dollars price tag and the investor fallout as jpmorgan gets ready to pay what may be the largest civil penalty ever, equal to more than half of the bank's 2012 profits. lori: tech high glass. a chandelier that has blackberry shining unfortunately and literally apple. >> sick days, snow days, smog days. air pollution shutting down an entire city, albeit in china, with pollution levels 40 times as what officials safe. -- deem safe. we'll tell you next. ♪ peace of mind is important when you're running a successful business. so we provide it services you can rely on. with centurylink as your trusted it partner, you'll experience reliable uptime for the network and services you depend on. multi-layered security solutions keep your information safe, and secure. and responsive dedicated support meets your needs, and eases your mind. centurylink. your link to what's next. more than a new interior lighting system. ♪ it is more than a hot stone massage. and more than your favorite scent infused into the cabin. it is a completely new era of innovatio
since just before the fourth of july. our road map begins with jpmorgan this morning. the banks set to pay pay record-breaking $13 billion justice department fine to settle lawsuits at the height of the financial crisis. the markets pointing to a mixed open after the s&p closes to an all-time record high as they wave some better than expected earnings against some budget uncertainty. >>> the stock falling in the pre-market as global sales fall in sim september. >>> starbucks in hot water after being accused of charging china markets higher than others. >>> jpmorgan close to reaching a tentative settlement. kate kelly caught up with jamie dimon as he arrived at work this morning. good morning. >> reporter: this $13 billion settlement na jp organ more beg hammering out with justice. what happens in light of the settlement? i asked mr. dimon about this just momenting as as he came into work. here is what he said. >> we're going to try to resolve everything we can and then we're going to move on and serve our clients. i am so dam proud of this company. that's what i wake up thinking eve
in florida, are now back in custody. jpmorgan and the department of justice reach a record $13 billion deal to settle proabz into how the bank ran its mortgage business. dozens of wildfires are out of control in australia, and firefighters fear the worst is still to come. and ranger school-- now that the shutdown is over, america's oldest park ranger is back to work. john blackstone shares the lessons she has for all of us. captioning sponsored by cbs this is the "cbs evening news." >> axelrod: good evening. i'm jim axelrod with a western edition of the broadcast. we have breaking news to report. two convicted murderers who walked out of the same prison in florida the last three weeks, freed with forged papers, are now back in custody. they were captured early this evening eastern time, reportedly without incident, just about 100 miles from the prison where they had been serving life sentence. here's mark strassmann. >> reporter: there was a reward in orlando for anyone who could point police to joseph jenkins and charles walker, the convicted killers whose escape embarrassed florida's corr
. >>> coming up next on "the lead" j.p.morgan broke a new money record but not the kind they like bragging about. find out how much they have to pay in fines for breaking the rules. >>> plus the box office numbers are out. did "gravity" hold down the top spot? we'll tell you. ♪ (train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. but i didn't want her towait see my psoriasis. no matter how many ways i try to cover up, my psoriasis keeps showing up. all her focus is on me. but with these dry, cracked, red, flaky patches, i'm not sure if i want it to be. this is more than uncomfortable, it's unacceptable. visit where you can get refusing to hide, a free guide filled with simple strategies for living well with psoriasis. learn more at and talk to your dermatologist. help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new de
of the financial crisis. jpmorgan chase, the nation's largest bank, is on the verge of a reported $13 billion settlement with the obama administration to avoid civil charges over the sale of troubled mortgage securities. it would be a record penalty and by far the biggest punishment yet for players involved in the 2008 meltdown. still unclear: whether jpmorgan will admit to wrongdoing as part of the deal. even though the reported agreement is not yet final, it's generating strong reaction. we get a sampling of that now with dennis kelleher, the president of better markets, a not-for-profit group promoting financial reform, and bert ely, a banking consultant. for the record, he does not advise jp morgan. i will start with you what are the outlines of this deal? >> well, what jpmorgan chase is trying to settle are a variety of claims arising from so past actions but also from actions particularly in the mortgage area by two companies that it acquired, bear stearns and washington mutual ooirz so do you think that this was a good deal for them? >> well, i think that what jpmorgan chase is trying
the mess. jpmorgan's close to a deal to settle u.s. related problems. the bank could still face more legal woes. >> the edf is going to clean up the fukushima plant in japan. >> announcer: you're watching "worldwide exchange" bringing you business news from around the globe. >>> hello. warm welcome to the start of "worldwide exchange" for the week. plenty to get through on today's show as ever. finally, it is u.s. jobs tuesday this week, but how should investors expect the bull market to go. the treasuries we'll talk about at 10:20 c.t. the weaker than expected numbers don't really move the needle. we'll discuss that as we look at japanese exports at 10:30. as the new department gets set to protect data, we'll ask whether twitter and google are right to get concerned. that's 10:45 c.e.t. plus, it's being billed as the biggest auction ever. we'll hear from a latin american analyst and why the government has low expectations. >>> plenty of earnings state side. how is mcdonald's new strategy to manage low u.s. margins fairing. we'll discuss the q 3 numbers later. if you've got any thoughts or
. in 2012 jpmorgan chase had about 21, 22 billion in profits. this is a big chunk of that. they put money aside for the settlement, so fundamentally i don't know what it will do. the stock was actually up on this rumor of this tentative deal, and it's tentative and we don't know it's there. some things are being leaked to some in the media. we don't know what the deal is. if it's what we think it is likely to be, the stock is up and the company can bounce back from it. it's still serious. there's never been a $13 billion settlement in america. >> this will only settle the civil charges against the bank? >> yes. other investigations going on -- there are many of them. they're going on into jpmorgan chase. there's a criminal probe in place right now, and there's nothing in the deal that would give them or anybody who works for jpmorgan or past workers immunity from criminal prosecution. that's interesting. that might hold it up. how much does jpmorgan agree to say? do they actually have to say they did anything wrong? do they just settle? that might be the detail holding it up. >> can i ask
're watching the markets along with these stories. how about $13 billion settlement for jpmorgan. that doesn't even make all their problems go away. we will hear from a former bank of america executive who says jpmorgan and jamie dimon are being punished for helping to save the financial industry during the crisis. and then we'll get reaction from former congressman barney frank after the lead op-ed piece in "the wall street journal" this morning said that barney frank should be arrested before any bank ceo. when it comes to this crisis. of course, mr. frank will respond to that in only the way he can. >> i'm looking forward to him coming on and responding to it because people want to know why regulators were asleep at the wheel while all of this was going down. >> was it a health care law pep rally? many more questions than answers as to why obama care websites remain frustratingly slow. no one know to be held accountable, as well as kathleen sebelius, secretary of health and human services. >> this is really the hot-button issue right now. many furloughed federal workers who received unemp
is imploding. what is he saying now just an hour before the president addresses the issue? jpmorgan hit with another $13 billion in penalties. sounds like a shakedown to me. what will the judge say? we will have a new microsoft tablet onset. and in the report from the rise in poverty in 49, count them, 49 states. ♪ stuart: here we go, realtors pay attention to this one, this is the existing home sales. 5.29 million, that is the annualized basis, annualized selling rate for existing homes. 5.29 million. okay. that is down 1.9% month to month. let's bring in time you joining us from phoenix. i'm going to repeat this because this is big news for everyone in the housing market. 5.29 million existing homes being sold at an annualized pa pace, down 1.9%. is this the pullback that you said was not going to happen? >> do i need to eat crow this time? no, stuart, we are seeing sustainable numbers. that's what we want to see. this is not bad for housing, housing is not going down the tube. these are truly sustainable numbers. in 2013 we are headed to see a 7.5% increase in existing home sales.
's test that hypothesis and go north to one of the largest and most successful banks of america, jpmorgan chase. here is jpmorgan chase's rap sheet. june 2010, $48.6 million fine co-mingling bank and client funds in lound. april 2011, $56 million settlement in overraj charges. june 2011, $163.6 million in penalties, from sec charges of misleading investors. july 2011, 228 million dollar settlement of 93 rigged municipal bond transactions in the united states. 900 other instances of the settlements, fines -- credit card fees to -- improper home foreclosures to yesterday's news. >> jpmorgan in the process of making a huge settlement with the federal government. but criminal charges are still possible. >> at the same time jpp morgan -- ultimately going up. the compensation of the chief executive jamie dimon totaling more than $61 million from 2010 through 2012 alone. and the accolades are more affordable. >> it's a cash generating machine, sure they have had their regulatory yourissues, bu he's looking to settle them. jpmorgan posted a loss because of all the legal expenses, but under jamie
's pursuit of jpmorgan, jamie dimon, mortgages underwritten by bear stearns and washington mutual. two banks dimon bought at the behest of the u.s. government. they had nothing to do with making or packaging horrendous loans. they were from the predecessor banks that the government came to jpm hat in hand in order to save the banking system from imminent collapse. let me say that no bank has clean hands from that period. jpmorgan packaged and sold a lot of loans it defaulted. jpm showed a serious lack of controls when it came to the rogue whale in london where the losses did get out of control. the firm paid for that mistake. shareholders have. i wouldn't have paid any management team member for that year as everyone should have suffered equally. but there are larger issues of fairness here and that's what warren buffet was talking about. first he said the government was pretty darn happy when dimom came to the rescue. >> they loved that when jamie took over wamu and bear stearns, the government wanted to get a deal done and needed to get a deal done promptly or other dominoes would fall. i
key to bally's there. what we know about the victims and shooter. >>> jpmorgan chase reaching possibly the largest deal ever with the justice department to settle civil claims over bad mortgages. so is the obama administration taking a hard-line stance against big banks or against one bank in particular? when we made our commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. jon: new info on some crime stories we're watching. the disappearance of a 15 year-old girl has her small new hampshire town on edge. abigail hernandez was last seen leaving her high school back on theth of october. authorities have searched for her by air, land and in the water b
, then what. >>> we have some new information here to cnn. cnn has confirmed that jpmorgan chase has tentatively reached a $13 billion deal with the justice department to resolve several investigations of its mortgage business. a u.s. official tells cnn this, jpmorgan chase would pay $9 billion in fines and penalties plus $4 billion in consumer relief that includes loan modifications. apparently jpmorgan executives and workers could still face charges in the future. the official tells cnn the tentative deal does not include a nonprosecution agreement that jpmorgan chase had pushed hard to include. we're going to talk about that, what this might mean to you and to me a little bit later on this hour so make sure you stay tuned. >>> you know, it may just be the lasting legacy of president barack obama, but right now the only thing that's lasting is problems with the obama care website where americans are supposed to sign up. does it need to be scrapped and remade entirely? that's next. >>> and ahead, some are saying a rape case in missouri may not be prosecuted -- may not get prosecuted
in investor satisfaction with self-directed services by j.d. power and associates. >>> well, jpmorgan chase reportedly prepares to make the largest settlement ever between a private company and the u.s. government. conservatives accuse the obama administration of stoking populist blood loss. yes, really. we will discuss when ezra klein joins us next on "now." huh...fifteen minutes could save you fifteen percent or more on car insurance. yep, everybody knows that. well, did you know the ancient pyramids were actually a mistake? uh-oh. geico. fifteen minutes could save you...well, you know. ♪ (announcer) answer the call of the grill with new friskies grillers, full of meaty tenders and crunchy bites. new kellogg's raisin bran® with omega 3 from flax seeds. plus plump juicy raisins. flax seed? who are you? i still got it. [ male announcer ] invest in your heart health with kellogg's raisin bran® cereals. you feel...squeezed. congested. beat down. crushed. as if the weight of the world is resting on your face. but sudafed gives you maximum strength sinus pressure and pain relief. so you fee
in the forecast until tuesday. andrew denny for cbs news, sydney. >> later, behind the jpmorgan chase settlement talks. the u.n. navy's biggest destroyer ever nearly ready for launch. and the race to find an autistic teenage boy who can't help anyone find him. when the "cbs evening news" continues. >> jeff: even after a $13 billion settlement the case is not over. as we reported last night jpmorgan chase has tentatively agreed to pay the biggest corporate fine ever. the total includes $9 billion in penalties plus $4 billion in consumer relief including home loan modification. but the criminal case continues. and so do other questions. with more now we're joined by cbs news business analyst jill schlesinger. jill, less's talk about the criminal case. what do you think happens next? >> well, i think it's really hard to make criminal case. that's why no c.e.o. has gone to jail since the whole financial crisis erupted. we've seen a lot of civil suits but no criminal cases where someone has actually had to go to jail. they are notoriously difficult to bring and to win. so it may be one more case that
people died and a dozen more were injured. >>> the giant u.s. bank, jpmorgan chase has reportedly agreed to pay a record $13 billion fine. the u.s. justice department is trying to reach a settlement into bad mortgage loans the bank sold to investors. they were a major cause of the worldwide financial crisis five years ago, and the main issue is whether the bank sold mortgages that it knew were riskier than they appeared to be to the customers. financial analyst louise cooper says he could lose his job if the fine is confirmed. jpmorgan was recorded as being the one big american investment bank that had a good crisis when you put it like that, because it didn't have the problems, the financial problems that so many other did. yet, as we went through the last couple of years, jpmorgan's whiter than white reputation has gotten dirty and dirty. we have the london raider that lost jpmorgan $6 billion on unauthorized positions. jpmorgan has been fined by a million for that. jp mo began was part of a class action lawsuit for fixing prices to do with credit and debit charges, so that's another t
from stern a.g., joseph from jpmorgan, todd from baylor investor and john from 24 /7 wall street. what did you learn today from the jobs number, lipdc clindsey? >> it wasn't a disaster report but disappointing. heading into the september fmoc meeting it was clear the fed didn't have enough to justify a change in policy. after this morning's report it's crystal clear the fed will remain on the sideline through october and most likely november. the one silver lining that washington officials will continue to point to is a decline in the unemployment rate. even here it's hard to see that optimism when you're talking about down 0.4 of 1%. >> it all comes down to now what's the fed going to do to try to strengthen this economy. by the way, mark tepper from strategic wealth partners, welcome. we're glad you're joining the confab as well. we almost have an eight-box, an octobox. we want to show you something mark faber said yesterday. listen to his thoughts about the fed. >> the question is not tapering. the question is at what point will they increase the asset purchases to, say, 150, 200, $
whether jpmorgan chase should be fine. did you ever ask were all of those fines are going? sign-up for the news new health care lot yet? chris stirewalt says maybe the president should be working full-time on finding more americans more jobs. and high taxes in france. all of that and the start of hard core pawn. it is time for us to get going. ♪ ♪ >> welcome, i am neil cavuto. thank you to my buddy charles payne. $20 billion is a figure that is still sinking in. that is how much it is taking to get the vets to stop barking. now remember, folks, whatever your feelings about the big bang, get more people in homes, or we are us taking our dogs on you. not by getting their way, but by extorting their way then and now. jim tracy says that is what these big funds are really all about. he says he experienced it for himself when he was forced to pay millions. not to mention two years in prison for backdating stock options. they didn't remotely match the supposedly crime. so what do you make of this latest round? >> it is a funding of the deficit and they know they can get the money
of jpmorgan and citigroup. could a major slump be ahead for wall street? we'll get the real story right here. >>> plus chemical weapons inspector in syria. nearly half of the work is done already. they were just forced to turn around from the latest inspection. how much has all this cost so far? by the way we'll follow the money. do you ever have too much money? [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ woman ] if you have the nerve to believe that cookie cutters should be for cookies, not your investment strategy. if you believe in the sheer brilliance of a simple explanation. [ male announcer ] join the nearly 7 million investors who think like you do: face time and think time make a difference. join us. [ male announcer ] at edward jones, it's how we make sense of investing. [ engine revs, tires squeal ] [ male announcer ] since we began, mercedes-benz has pioneered many breakthroughs. ♪ breakthroughs in design... breakthroughs in safety... in engineering... and technology. and now our latest
with a whole will the less. >> another story, another day, another big fine for jpmorgan. they're going to pay a $4 million -- >> $4 billion. >> what am i thinking? to the federal housing finance agency. it will settle claims that jpmorgan misled investors, including fannie and freddie, about the quality of mortgages it sold prior to the housing bust back in 2008. so this is just one of several fronts on which jpmorgan is being investigated, fennel pennellized by one government agency or another. are the feds folks unfairly picking on jpmorgan or is it time for jpmorgan to put on pitz big boy pants and own up to some not-so-savory behavior? >> i can see both sides of the coin here. unfair, yes, because the company laid out in its earnings last week that of all the losses that investors, including government agencies like fannie and freddie sustained from the crisis and from buying some of these bad mortgages, 80% of them came from bear stearns and washington mutual. >> companies that they were brokered into taking over. >> exactly. >> by the federal government. >> exactly. but they are the kcu
. some feel that there needs to be a face to this crime, and that that face should be jpmorgan's ceo, jamie dimon. and while this settlement doesn't necessarily close the door on criminal charges, if history is any indicator, it seems unlikely. for his part, well, mr. dimon, doesn't seem too concerned at all. >> we're gaining market share, doing great stuff, trying to get behind us. i am so damn proud of this company. that's what i wake up thinking every day. >> for more, i'm delighted to say we're joined by dennis kelliher, president and ceo of better markets, a nonprofit organization that acts as a watchdog of wall street. good afternoon, sir. >> hi, martin. good to be with you. >> thank you for joining us. jpmorgan and jamie dimon, as its ceo, has a reputation for being one of the more responsible banks on wall street. many of the securities in question were actually inherited, and they were bought from bear stearns, washington mutual. so is jpmorgan the right target for this record-breaking settlement, or are they just the first of what you think will be many others? >> well, let
it noise the ex-presidents. it is uncle sam himself. he wants jpmorgan and some of the biggest banks on wall street to pay up. it is costing them and shareholders, by the way, billions. we know jpmorgan alone is said to have reach ad tentative deal to pay the government a record 13 about dollars fine. it doesn't end there -- $13 billion fine. many banks are looking at billions of dollars in fine. many say it is highway robbery by government. it is all the talk on wall street. we have susan ochs and from "the wall street journal" and also fox news contributor, steve moore is with us as well. peter, let me start with you, what troubles me the most about this 80% of the mortgage-backed securities they are being punished for were acquired when they got bear stearns and wamu, something they did at the behest of the government anyway. now they are being punished for it. does this make sense to you? >> it makes no sense to me. legally they are liable when you acquire a company you acquire its sins with them. however they acquired the two companies at the behest of the treasury department. t
in particular which got an increase from jpmorgan and delta lifting earnings as well. you can see it to the upside. back to you. adam: thin thank you very much, nicole. lori: u.s. job growth losing momentum last month. employers added 138,000 jobs in september. the august upward revision only 9000. all that well below estimates. so where did we see growth? in transportation. specifically school bus drivers accounted for 23,000 new jobs created last month. temporary jobs are also big gainers. michelle girard now. great to see you, michelle. the research points out school bus drivers are in demand. >> the school bus driver thing was a reverse of what happened in july when all the school bus drivers fell off the payroll. that wasn't even necessarily a net gain if you look back. i think in general we just did not see hiring across really any category of any note. i will say the one bright spot was a nice 25,000 gain in employment. otherwise across the board from professional business services, the retail, which had a relatively large gain but only 20 some odd thousand. in every catego
to the global economic meltdown. we tell you how much the bank jpmorgan may be paying out. and calling for more access against lead poisoning. a report from a nigerian village where more than 200 children have died. in sport, we'll hear whether egypt's coach believes his team have a chance of reaching the world cup. . >>> first to news from europe. the widow of the former yugoslav communist leader has died. she was being treated in a belgrade hospital when she suffered a heart attack. she was 88 years old. she had been living in isolation and poverty in serbia since her husband's death in 1980. >> any picture of josip titto would be incomplete withoutise wife. titto was a leader with a foot in communist and other camps. his wife was next to him all the way. in the last year of titto's life she was accused of plotting against him. according to her close friend, she was his biggest fan. >> translation: she adored titto and was ready to die for him. she followed and looked after him. she was his confidante and understand him. she sheltered him from those on many occasions. >> they married in 1952
. >>> this is new today. the senate confirmed jpmorgan chase reach add $13 billion deal with the justice department to resolve investigations of the mortgage business. the deal provides jpmorgan chase would pay $9 billion in fines and penalties, plus $4 billion in consumer relief that includes loan modifications. the backed securities helped trigger the housing market collapse that caused a huge financial crisis. jpmorgan executives could still face charges in the future. the officials tell cnn the deal does not include an agreement that the company had sought. cnns justice reporter, evan perez joins us by phone. what does this mean to you and me and the people watching? >> don, i think for jpmorgan, it's going to provide them with some measure of reassurance they can drop this. they set aside $23 billion to settle various investigations that are still ongoing. for homeowners, there might be some of this money that will end up benefiting people whose mortgages are under water, for instance. there's $4 billion in this tentative deal that is supposed to go toward consumer relief. some of that is stil
time today. we appreciate it. we'll see you soon. huge controversy sparked by jpmorgan's tentative $13 billion settlement with the justice department. an editorial in the wall street journal says real justice will be putting a pair of handcuffs on former congressman barney frank. we'll get barney frank's reaction in a live interview next. >>> also ahead -- >> there's no sugar coating it. the website has been too slow, people have been getting stuck durgt application process. and i think it's fair to say is that nobody's more frustrated by that than i am. >> president obama addressing technical glitches that have plagued his signature health care program. is it time for him to fire kathleen sebelius, health and human services secretary? we'll show you new results of a poll asking the question. >>> plus -- >> warren buffett, i need some advice. >> rap story/entrepreneur sean "diddy" combs about his new music channel, his hopes of surpassing warren buffett. you're watching "closing bell." >>> welcome back. netflix stock is spiking. julia, tell us what's behind in the big gain. >>
than a little bit more than the fine. >>> and cnbc has learned jpmorgan is going to pay some of that fine, $1100 million to settle with the cfpc over the london wall trading case. it's expected to be analyzized at early as today. the cftc is expected to fine the banks's use of so-called manipulative devices. last month, jpmorgan paid $920 million to resolve the probe related to the trading loss. jpmorgan. jpmorgan stocks in frankfurt -- any moment now, i'm assured we will have it, 1.2%. >>> still to come, will rumors of a debt ceiling deal break rumors? spending will rise once the political uncertainty is removed. more after that in the second hour of "worldwide exchange" continues after this. i love having a free checked bag with my united mileageplus explorer card. i've saved $75 in checked bag fees. [ delavane ] priority boarding is really important to us. you can just get on the plane and relax. [ julian ] having a card that doesn't charge you foreign transaction fees saves me a ton of money. [ delavane ] we can go to any country and spend money the way we would in the u.
in l.a. >>> on the "cbs moneywatch" now, some of oprah's favorite things go on sale, and jpmorgan chase strike as settlement deal. gigi stone is at the new york stock exchange with that and more. good morning, gigi. >> good morning, anne-marie. jpmorgan chase has reach add $13 billion deal with the federal government. they still face criminal investigation into bad mortgage loans the bank sold to investors. mortgage-backed securities were the key cause of the financial crisis. the deal would be the largest ever between the government and a single company. >> asian markets got a growth. tokyo's nikkei added 1% giving it a three-week high and hong kong's hang seng gained half a percent. news of stronger corporate profits. the dow gained more than 162 points for the week. the nasdaq was 122 points high . in washington a bipartisan group of house and senate negotiators is working to avert another government shutdown. standard & poor's estimates the 16-day part shall shutdown cost the country an estimate 24d billion. leaders say another shutdown is not an option. >> the american people are w
you so much. >>> jpmorgan chase could pay a record $13 billion fine over its mortgage practices leading up to the financial crisis. the ceo jamie diamond spoke to attorney general eric holder on friday, but he wasn't able to convince holder to release jpmorgan from any future criminal charges. that covers 4 billion for struggling homeowners as well as 9 billion in payments to the government. last month jpmorgan agreed to pay nearly a billion dollars in the so-called london wales scandal. if you add up the fines they have paid this year, it's 14,730,0 14,730,000,,000 total. >>> half a million americans have applied for health insurance through the affordable care act. officials aren't saying how many people have actually enrolled in the program. without those enrollment numbers, it's difficult to determine if the program is on track to reach its goal of covering 7 million uninsured americans. but technical clichs on the heal website have plagued it since it began. >> we heard news that the 500,000 approximately people have got on the website and left some informati
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